Why You Should Start Managing Your Money Today

Subscribe.

Get summaries of the top 10 personal finance books in one *free* 60 page
ebook when you join our mailing list. No spam, ever.

Email Address

“Don’t expect anyone else to support you. Maybe you have a trust fund. Maybe you’ll have a wealthy spouse. But you never know when either one might run out.” - Mary Schmich

As a reader of this blog, it’s likely you’re in the right mindset to challenge your current ways and are interested in changing some things in your life – or simply put, you want to focus on your personal development.

Notice that this article is titledWhy rather than How. Finding a reason or more specifically, setting a goal for change is key to getting started. Knowingwhy is a helpful anchor for when things get tough as you set off on a new challenge.

Here’s why you should start managing your money today:

You will always have to spend money. There are times when you have to pay a bill that you weren’t expecting. These can be big ticket items like your boiler breaking or needing to get your car fixed

Money is a tool. Make it your servant instead of your master. If you manage your expenses and income, you will start to develop an active relationship with money. Choosing how you manage your money can reduce the financial and help you focus on the things in your life that make you happy. It’s not the end but rather a means to an end. A lot of money will not make you happy but what it provides in terms of freedom and opportunity may open up the door to many enjoyable experiences. Most importantly it gives you the choice of how to spend your time.If you want to get a true life life balance, having a messy financial situation will not get you anywhere. Getting into debt because you want a lifestyle that costs more than you can afford to maintain, will only chain you to your desk and 9-5 job.

To refer back to the opening quote of this blog, no one else will manage your money for you. Why? Because no one else cares about your money as much as you do… or as much as you should do… Even financial advisors cannot be relied on to give you the best advice on how to manage your money. Their advice will still be useful but ultimately you need to take responsibility for your money.

At this stage, the ultimate aim is not riches and wealth but the feeling of control over your finances.

How do you get started today?

Find a reason. Spotted an amazing round-the-world trip? Feel like your parents deserve a weekend away together? Want to get on the property ladder? Want to become a freelancer? Without proper personal finance management these will all remain distant dreams.

**Making a change stick is simple – don’t take on too much at once. By trying to change every habit associated with personal finance management you will crash and burn before any positive outcomes are apparent.

Take one step today. My recommendation – track your spending. It might not have set in yet, just how much you need to manage your money. The best way for this message to become ingrained is by seeing what your spending habits look like on paper. Start simply – write down everything you spend today, tomorrow and for the rest of the week. After seven days, you’ll start seeing where things go…And you may be in for a few surprises…